China Developer Fantasia Enters Pact to Revive Assets

(Bloomberg) --A unit of Chinese developer Fantasia Holdings Group Co. will work with a construction services provider, a move that signals a potentially new approach to resolve distressed assets under the country’s property slowdown.

Blue Green Shuangcheng Technology Group will assist Fantasia with reorganization plans for its onshore projects, negotiate with onshore creditors and accelerate asset sales, according to a Fantasia statement Friday. Blue Green, based in Hangzhou, was established by Cao Zhounan, the former chief executive officer of developer Greentown China Holdings Ltd., Fantasia said in a separate statement.